By Olasunkanmi Akoni

Lagos State Government said it has attracted over $13 trillion worth partnership deals through strategic global alliances for various sustainable infrastructural investments across strata of the economy in the state within six years.

The state government also secured over $4 million in Business Enabling Reforms, SABER disbursements during the initial assessment year, 2024, validating its leadership role nationally.

Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, who disclosed these on Tuesday, during the ongoing ministerial press briefing to mark the 2nd year in office of the second term of the State Governor, Mr. Babajide Sanwo-Olu, at Alausa, Ikeja, stressed that Lagos has continue to deepen reforms, with a cumulative $30 million in disbursements expected by 2025.

The State government had recently held a roundtable investment forum as part of measures to boost the State economy.

According to Ambrose-Medebem,” As a result of the Lagos Investment Roundtable, numerous Expressions of Interest from local and foreign investors are under active discussion. One of the major outcomes is the partnership with Abu Dhabi.

“The Lagos State Government, through the Ministry, successfully concluded a $200 million partnership with Abu Dhabi Ports aimed at developing critical infrastructure and logistics within the Lekki corridor, boosting ICT innovation, healthcare facilities, and port operations.”

She added that the state deepened engagement with the United States and European Union trade missions and hosted delegations from G7 countries.” These engagements have already yielded agreements. Lagos State is collaborating with Swedish firms to deepen 5G broadband penetration.”

On improved business climate and investor confidence, Ambrose-Medebem, said, “

Multiple credit rating agencies have noted improvements in Lagos’s business environment, and foreign direct investment (FDI) interest in Lagos surged.

“This was exemplified by the International Finance Corporation’s recent $50 million investment to expand the Lagos Free Zone, a strong vote of confidence in the state’s economic direction.

“Last year, the State successfully participated in the World Bank-funded State Action on SABER programme, particularly in the first four Disbursed Linked Indicators (DLIs). The State has completed the reforms for the additional stage comprising eight DLIs for the first-year cycle of the programme.

“We are also fully on track to meet all subsequent evaluations by the programme’s coordinator and the World Bank. As proof of the outstanding performance by Lagos State, I have been nominated as the focal person for the Ease of Doing Business (EoDB) in Lagos State, while the Presidential Enabling Business Environment Council, PEBEC, has nominated me as the South-West Champion.

“The essence of EoDB is to rate the States in terms of how they have simplified the processes for business start-ups or assist new entries to kick-start their operations. The programme is backed by a $750 million International Development Association.”

She added, “The ministry strengthened ties with international institutions and governments

“A notable milestone was the Memorandum of Understanding with the Commonwealth Enterprise and Investment Council (CWEIC), positioning Lagos as a gateway for trade and investment among 56 commonwealth nations.

“Beyond Lekki, the State government pushed toward developing industrial infrastructure in the State. In Ikorodu, construction progressed on a new Small-Scale Industrial Estate at Gberigbe, intended to host 44 units of light manufacturing and agro-processing businesses will be delivered in the third quarter of the year.

“Similarly, plans have been drawn to revamp older industrial estates in Ikeja, Ilupeju, Oshodi-Isolo and Amuwo-Odofin.”

While commenting on erring super markets over the sale of expired products in the State, the she disclosed at least 35 super markets had been sanctioned.

Ambrose-Medebem stated, “I said earlier Lagos State is a thriving State, super markets are springing up very frequently. So far, over 35 super markets have been sanctioned and made to pay fine for selling expiry products. We have sealed a number of them and some of them have been taken to court.

She therefore urged consumers to act as whistleblowers by reporting erring store operators promptly to relevant authorities.